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☆ Barcelona-Marseille pipeline could take 4-5 years to build, Spain says
▼ + stars: | 2022-10-21 | by ( David Latona | ) www.reuters.com time to read: +3 min

The joint project between Spain, Portugal and France, agreed on Thursday and dubbed BarMar, replaces the cross-Pyrenees MidCat pipeline that Spain had said could be ready by 2023 but was vetoed by France. All three countries said the pipeline should also temporarily allow for the transport of some natural gas to help alleviate Europe's supply problems stemming from Russia's invasion of Ukraine. She added that the connections between Spain and France, as well as between the entry point in Marseille and the hydrogen pipeline network in central Europe, are yet to be completed. Fernando Garcia, a London-based utilities analyst at RBC Capital Markets, said the BarMar route would "clearly" not fix Europe's short-term supply woes. The BarMar pipeline would also substitute an underwater gas link between Spain and Italy that was once considered, Ribera told Spanish TV station Antena 3 earlier on Friday.

☆ Oil prices settle up; China demand hopes outweigh recession worry
▼ + stars: | 2022-10-21 | by ( Laila Kearney | ) www.reuters.com time to read: +3 min

Register now for FREE unlimited access to Reuters.com RegisterBrent crude settled at $93.50 a barrel, up $1.12, or 1.2%. U.S. West Texas Intermediate crude (WTI) settled at$85.05 a barrel, up 54 cents, 0.6%. Swings in the U.S. dollar, which typically moves inversely with oil prices, added to choppy trade. China, the world's largest crude importer, has stuck to strict COVID-19 curbs this year, weighing heavily on business and economic activity and reducing demand for fuel. U.S. oil rigs rose two to 612 this week, their highest since March 2020, while gas rigs were unchanged at 157.

FRANKFURT/LONDON, Oct 20 (Reuters) - Morgan Stanley's infrastructure investment arm is weighing a sale of a 40% stake in German wind and solar power project developer PNE AG (PNEGn.DE) after being approached by potential suitors, three people familiar with the matter said. PNE confirmed on Thursday that Morgan Stanley and Photon Management intend to enter into open-ended preliminary talks with potential interested parties regarding Photon's stake in PNE. Photon, which is controlled by Morgan Stanley, is PNE's largest shareholder. Morgan Stanley Infrastructure Partners (MSIP) acquired the PNE stake following a failed takeover attempt in 2020. Buying the whole stake would trigger a mandatory takeover bid for all of PNE under German stock market rules.

Morgan Stanley Infrastructure Partners (MSIP) acquired the PNE stake following a failed takeover attempt in 2020. PNE, which has a project pipeline of more than 9 gigawatt and a generation portfolio worth 261 megawatt, has a current market capitalisation of 1.4 billion euros ($1.38 billion), valuing Morgan Stanley's stake at 560 million euros. Buying the whole stake would trigger a mandatory takeover bid for all of PNE under German stock market rules. A potential sale of MSIP's participation would result in chunky profits given the investment bank bought in at 4.00 euros per share and saw PNE's value grow to 18.50 euros. News about the potential stake comes in the wake of major renewables deal in recent weeks, including RWE's RWEG.DE $6.8 billion purchase of Con Edison's ED.N cleantech unit and BP's BP.L $4.1 billion takeover of U.S. biogas producer Archaea LFG.N.

A couple walk with Hermes shopping bags as they leave an Hermes store in Paris March 21, 2013. Hermes (HRMS.PA) and Pernod Ricard (PERP.PA) both said they will continue to raise prices, after beating expectations in the July-September quarter. Mainland China also saw a strong rebound after COVID-19 restrictions were lifted, although some restrictions have since been reimposed. PRICE RISESThe world's biggest luxury group LVMH (LVMH.PA) last week kicked off the earnings season with forecast-beating sales -- and no signs of a let-up in demand. The results from Pernod and Hermes bode well for beauty giant L'Oreal (OREP.PA) and Gucci-owner Kering (PRTP.PA), which both report results later on Thursday.

Under the plan, Vivendi's top investor Vincent Bollore would sell all Editis shares he would receive after the transaction, which would consist of a simultaneous distribution of the publishing unit's shares to Vivendi shareholders and its listing. Vivendi wants to sell Editis to secure the takeover of French media group Lagardere. Vivendi's sales totaled 2.58 billion euros ($2.54 billion) in the third quarter, against 2.48 billion euros in the same quarter last year. Vivendi added however that growth at Havas was offset by a slowdown in its pay-TV unit Canal+. Canal+ revenues in the quarter dropped 4.9% at constant currencies and like-for-like, to 1.42 billion euros.

☆ Spanish energy firm Everwood in talks to sell 6.1 GW solar assets portfolio - sources
▼ + stars: | 2022-10-20 | by ( Andres Gonzalez | ) www.reuters.com time to read: +2 min

LONDON, Oct 20 (Reuters) - Spain-based renewable energy investor Everwood Capital has hired Bank of America to sell a portfolio of 6.1 gigawatts (GW) of solar power plants in Europe and Latin America, according to four sources with knowledge of the deal. Everwood expects to start receiving early offers for the projects, located in Spain, France, Italy, Germany, Colombia, Greece, Peru and Argentina, in two weeks. Appetite for low-carbon energy sources has taken on fresh urgency this year after Russia's invasion of Ukraine, with oil and gas companies setting ambitious green targets and jostling with utilities and existing renewables investors to lead the energy transition. Register now for FREE unlimited access to Reuters.com RegisterThe portfolio consists of 1.3 GW of solar photovoltaic projects in Spain and Italy and a development platform with 4.8 GW of solar pipeline and local teams in Spain, Italy, France, Germany and Latin America. The assets could be valued at up to 750 million euros ($735.15 million) depending on bidders' appetite, one of the sources said.

☆ Banks, Big Tech seek clearer guidance on combating scams
▼ + stars: | 2022-10-20 | by ( Huw Jones | ) www.reuters.com time to read: +2 min

Banks have already improved defences against scams, but a report from industry body Stop Scams UK and the Royal United Services Institute on Thursday said complex guidelines and processes around privacy law make it difficult for companies to share data to stop fraud. Banks hope the bill will include clearer guidance on allowing them to share anonymised customer data - or data that does not identify the individual if refers to - to spot new types of scams more quickly. "If we are to unlock data sharing at scale, we call for proportionate and sensible changes to guidance around the interpretation of privacy law," said Ruth Evans, chair of Stop Scams UK, whose members include HSBC, Lloyds, NatWest, Barclays, TalkTalk, Meta and Google. Last month, more banks jointed Stop Scams UK's fraud-reporting hotline as the cost of living crisis is leading to an increase in the number of financial scams. However, banks demanding more certainty over sharing anonymised data face opposition from privacy groups.

☆ ADNOC invites banks to pitch for IPO of logistics unit- sources
▼ + stars: | 2022-10-20 | by ( Hadeel Al Sayegh | ) www.reuters.com time to read: +3 min

LONDON, Oct 20 (Reuters) - State oil firm Abu Dhabi National Oil Company (ADNOC) has invited banks to pitch for roles in an initial public offering of its marine services and logistics unit, two sources with knowledge of the matter said on Thursday. Reuters reported last year that ADNOC was weighing a potential float of ADNOC Logistics & Services (ADNOC L&S) in 2022. Banks are pitching for roles this week on the latest IPO of an ADNOC subsidiary, planned for next year, the sources said. ADNOC L&S delivers crude oil, refined products, dry bulk and liquefied natural gas from Abu Dhabi to its international customers. ADNOC began floating units in late 2017, raising $851 million in an IPO of its fuel distribution unit.

☆ Sterling weakens as Truss clings to power, markets dial back rate-hike bets
▼ + stars: | 2022-10-20 | by ( Lucy Raitano | ) www.reuters.com time to read: +3 min

British Prime Minister Liz Truss battled to retain her grip on power, a day after a second top minister quit and rowing and jostling broke out among her lawmakers in parliament. Analysts said a dialling back of aggressive rate hike bets following comments from the BoE's Ben Broadbent also weighed on sterling. Investors reined in further their bets of a full percentage-point interest rate increase by the BoE next month following the comments. "The dip in sterling is more driven by monetary policy than politics," said Colin Asher, senior economist at Mizuho Bank. "Broadbent noted that the policy rate may not need to go up as much as markets are pricing and short-term gilt yields and sterling both declined."

☆ French strikes delay price recovery of crude grades in Europe
▼ + stars: | 2022-10-20 | by ( Rowena Edwards | ) www.reuters.com time to read: +3 min

Oct 19 (Reuters) - Strikes at French oil refineries have given temporary relief to volatile crude markets in Europe but created delayed demand for future months when refined product supply is set to be tight. The outages have significantly reduced demand for grades of crude in Europe that typically feed France's refineries, and weighed on prices. France also imported around 100,000 bpd of crude produced in the North Sea before the start of strike action, according to Energy Aspects. It relied on the Ekofisk North Sea crude grade, produced at a field in Norway where French oil major TotalEnergies (TTEF.PA) has equity, traders said. Walkouts also ended last week at Exxon Mobil's (XOM.N) 140,000 barrel per day (bpd) Fos-Sur-Mer and 240,000 bpd Port Jerome-Gravenchon oil refineries.

☆ Thai telco regulator gives conditional clearance to True, DTAC merger
▼ + stars: | 2022-10-20 | by ( Chayut Setboonsarng | Andres Gonzalez | ) www.reuters.com time to read: +2 min

BANGKOK, Oct 20 (Reuters) - Thailand’s telecommunications regulator cleared the merger of the country’s second and third largest mobile operators, True Corporation Pcl (TRUE.BK) and Telenor ASA’s (TEL.OL) Total Access Communication Pcl (DTAC) (DTAC.BK) with conditions. The combined entity will overtake Advanced Info Service Pcl (AIS) (ADVANC.BK), as market leader. True, DTAC and AIS did not immediately respond to requests for commentDTAC is backed by Norwegian firm, Telenor. Thai agri-industrial conglomerate Charoen Pokphand Group holds a 49% stake in True Corp with China Mobile holding 18%, True’s website shows. Register now for FREE unlimited access to Reuters.com RegisterReporting by Chayut Setboonsarng; Editing by Susan Fenton;Editing by Elaine HardcastleOur Standards: The Thomson Reuters Trust Principles.

☆ Sterling rallies as pressure on UK PM Truss mounts
▼ + stars: | 2022-10-20 | by ( Lucy Raitano | ) www.reuters.com time to read: +3 min

British Prime Minister Liz Truss is meeting Graham Brady, the head of the 1922 Committee of Conservative lawmakers, a source in Truss's Downing Street office said. Register now for FREE unlimited access to Reuters.com RegisterAgainst this backdrop, the pound rose 0.5% to $1.1260 , having earlier traded 0.4% down. Analysts said a dialling back of aggressive rate hike bets following comments from the BoE's Ben Broadbent also weighed on sterling. Investors reined in further their bets of a full percentage-point interest rate increase by the BoE next month following the comments. Rating agencies S&P and Moody's review UK sovereign ratings on Friday, another potential headwind for British markets.

☆ Russian business climate worsened in Oct -central bank
▼ + stars: | 2022-10-20 | by ( ) www.reuters.com time to read: +1 min

Summary This content was produced in Russia where the law restricts coverage of Russian military operations in UkraineMOSCOW, Oct 20 (Reuters) - Russia's central bank said on Thursday that its business climate index slid into negative territory in October, with future expectations becoming markedly less optimistic as production and demand assessments worsened. Businesses' price expectations rose, partly due to a rise in costs, according to a central bank survey of Russian businesses. Russian companies took a hit from unprecedented Western sanctions that followed Russia's move to send tens of thousands of troops into Ukraine on Feb. 24. The economy has showed signs of relative recovery since initially dire forecasts, but is still set to contract this year. Register now for FREE unlimited access to Reuters.com RegisterReporting by Elena Fabrichnaya; Writing by Alexander Marrow; Editing by Susan FentonOur Standards: The Thomson Reuters Trust Principles.

☆ Morning Bid: Earnings vs Rates
▼ + stars: | 2022-10-19 | by ( ) www.reuters.com time to read: +5 min

Oct 19 (Reuters) - A look at the day ahead in U.S. and global markets from Mike Dolan. Market tension is building between surprising positivity still coming from the unfolding corporate earnings season and the anxiety in interest rate markets and macro gloom. But earnings may be just a rearview mirror of the economy and the inflation and interest rate backdrop showed little sign of improvement across the western economies. U.S. 10- and 30-year bond yields were now both above 4% this week for the first time in 12 years. Oil prices steadied after Tuesday's slide amid reports U.S. President Joe Biden plans to release more of the Strategic Petroleum Reserve.

☆ Credit Suisse taps RBC, Morgan Stanley for capital increase -Bloomberg News
▼ + stars: | 2022-10-18 | by ( ) www.reuters.com time to read: +1 min

Oct 18 (Reuters) - Credit Suisse Group AG (CSGN.S) is working with banks including Royal Bank of Canada (RBC) (RY.TO) and Morgan Stanley (MS.N) on a potential capital increase, should it need to shore up its balance sheet and raise funds for its restructuring, Bloomberg News reported on Tuesday, citing people familiar with the matter. A capital increase through a possible share sale, under the name Project Ghana, could come after the bank's formal restructuring announcement on Oct. 27, the report added. Credit Suisse and Morgan Stanley declined to comment. Royal Bank of Canada did not immediately respond to a Reuters request for comment. Earlier, Reuters reported citing a source that Credit Suisse has approached at least one Middle Eastern sovereign wealth fund for a capital injection, while some funds are looking at the scandal-hit bank's businesses as potential investment opportunities.

Germany - the bloc's biggest economy and the main opponent of capping gas prices - said joint purchases, reducing consumption and boosting supply were the way to go instead. Register now for FREE unlimited access to Reuters.com RegisterAhead of the summit, the EU's executive European Commission will propose separately on Tuesday another set of measures to curb high energy prices. They would not, however, include an immediate cap on gas prices, something that has split the bloc. The Croat and Lithuanian ministers backed a wholesale gas price cap, with Croatia also highlighting the need for joint gas purchases among the 27 EU member states. Tytti Tuppurainen, EU affairs minister of Finland - a country generally sceptical of market interventions - said Helsinki was now ready for a "temporary" price cap on gas.

REUTERS/StaffLONDON, Oct 18 (Reuters) - European stock indexes opened higher on Tuesday, in a revival of risk appetite which analysts attributed to the turnaround in UK fiscal policy. Britain's new finance minister Jeremy Hunt scrapped Prime Minister Liz Truss's economic plan on Monday, which had sapped investor confidence in the UK in recent weeks. MSCI's main European Index (.MSER) was up 1.5%, near its highest in 13 days. The STOXX 600 was up 1%, having also touched a 13-day high, and London's FTSE 100 was up 1.3% (.FTSE). At 0822 GMT, the U.S. dollar index was flat on the day, at 112.05 .

☆ EU to propose extra energy measures, swerve immediate gas price cap
▼ + stars: | 2022-10-18 | by ( Kate Abnett | ) www.reuters.com time to read: +2 min

The measure must not affect EU security of gas supply, cause an increase in gas use, or disrupt the functioning of gas markets, it said. The move to curb TTF gas prices would require a separate proposal from Brussels and require approval from EU countries. The EU package is unlikely to placate all 27 EU countries - whose leaders will discuss the proposals at a summit on Oct. 20-21. Most EU countries have urged the Commission to urgently propose a gas price cap, but disagree on its design. EU energy regulators would also be changed with developing a new liquefied natural gas price benchmark by the end of March, and Brussels will launch a "tool" for EU countries to start jointly buying gas, according to the draft.

☆ Tesla tops battery-electric vehicle registrations in Germany, beating Volkswagen
▼ + stars: | 2022-10-18 | by ( ) www.reuters.com time to read: +2 min

BERLIN, Oct 18 (Reuters) - Tesla (TSLA.O) topped registrations of battery-electric vehicles in Germany in the first nine months of this year at nearly 38,500, federal data showed, beating the Volkswagen (VOWG_p.DE) brand by around 6,000 vehicles. Tesla's battery-electric registrations jumped nearly 50% from the January-September period last year, while Volkswagen's dropped 40% to just over 32,300 in line with a broader drop across most of the Volkswagen Group brands in Europe's biggest car market. Only Audi and Seat saw an increase in the number of battery-electric cars registered in Germany among Volkswagen Group brands, the data from the federal motor transport authority showed. Register now for FREE unlimited access to Reuters.com RegisterGlobally, Volkswagen Group saw total deliveries of its battery-electric vehicles rise 25% in January-September from a year earlier, figures released by the carmaker last week showed. Across all vehicle types - combustion engine, hybrid and battery-electric - deliveries of Volkswagen Group vehicles globally fell 12.9% this year, the carmaker reported last week, with Europe the hardest-hit region.

The measure must not affect EU security of gas supply, cause an increase in gas use, or disrupt the functioning of gas markets, it said. The move to curb TTF gas prices would require a separate proposal from Brussels and require approval from EU countries. The EU package includes other measures aimed at lessening the impact of high prices on consumers and businesses. The EU package is unlikely to placate all 27 EU countries - whose leaders will discuss the proposals at a summit on Oct. 20-21. Most EU countries have urged the Commission to urgently propose a gas price cap, but disagree on its design.

☆ Oil steady as recession woes counter positive Chinese signals
▼ + stars: | 2022-10-17 | by ( Arathy Somasekhar | ) www.reuters.com time to read: +3 min

Brent crude futures were down 1 cents, or 0.01%, to $91.62 a barrel, recovering from a 6.4% fall last week. U.S. West Texas Intermediate crude was down 15 cents, or 0.2%, at $85.46 after a 7.6% decline last week. Beijing will also greatly increase domestic energy supply capacity and step up risk controls in key commodities including coal, oil, gas and electricity, a senior National Energy Administration official said on Monday. "It's been another turbulent few weeks in oil markets from global growth concerns to super-sized OPEC+ output cuts and it seems they're yet to fully settle down," said Craig Erlam, senior markets analyst at OANDA. OPEC+ output cuts attracted funds back to the oil markets, with continued heavy buying of crude oil futures and options for a second straight week.

BlackRock, which manages around $8 trillion in assets, said Transition Capital would work with portfolio managers and BlackRock's capital markets team to find and back "proprietary transition-focused opportunities" across asset classes and geographies. The group would also work with BlackRock colleagues to develop new investment strategies and funds, and help deepen the company's research in the area, the memo said. The new unit will be part of BlackRock Alternatives and run by Dickon Pinner, who previously led on sustainability at consultant McKinsey, where he advised on the transition, the memo said. Pinner will report jointly to Edwin Conway, Global Head of BlackRock Alternative Investors, and the company's vice-chair, Philipp Hildebrand. As well as joining the BlackRock Alternatives Executive Committee, Pinner will also sit on senior sustainability committees, the memo said.

☆ Oil rises as positive Chinese signals counter recession fears
▼ + stars: | 2022-10-17 | by ( Noah Browning | ) www.reuters.com time to read: +2 min

Brent crude futures rose 53 cents, or 0.6%, to $92.16 a barrel by 1245 GMT, recovering from a 6.4% fall last week. U.S. West Texas Intermediate crude was up 34 cents, or 0.4%, at $85.95 after a 7.6% decline last week. China will further increase reserve capacities for key commodities, another state official told a news conference in Beijing. The third-quarter GDP data, along with September activity data, is due for release on Oct. 18 at 0200 GMT. Meanwhile a strong U.S. dollar and further interest rate increases from the U.S. Federal Reserve are helping to contain price gains.

People walk through the City of London financial district during rush hour in London, Britain, October 3, 2022. Asia's main markets had struggled overnight but Europe's STOXX 600 (.STOXX) made a 0.5% early gain as both the pound and UK government bonds rallied in London. Invesco's director of macro research Ben Jones said the UK's volatility would remain a key focus for global markets. In currency markets, the dollar remains king as investors price in U.S. rates peaking around 5%. The rise of the dollar and global bond yields have been a drag for gold, which was stuck at $1,648 an ounce .

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